ResCare wraps offer for 7¾% notes; no more tenders since consent date

By Susanna Moon

Chicago, Jan. 5 - ResCare, Inc. said it received no additional tenders of its 7¾% senior notes due 2013 since the consent payment deadline at 5 p.m. ET on Dec. 21.

The tender offer expired at 11:59 p.m. ET on Jan. 4. It began on Dec. 7.

As previously announced, ResCare will redeem the remaining notes on Jan. 21 at $1,019.38 per $1,000 principal amount plus accrued interest to the redemption date.

Holders had tendered $120,046,000 principal amount, or 80.03%, of the $150 million of the 7¾% notes due 2013 as of the consent date.

The company received the needed consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.

The purchase price was $1,021.88 per $1,000 principal amount of notes, which included a $30.00 consent payment for notes tendered by the consent deadline. The company also paid accrued interest up to but excluding the payment date.

J.P. Morgan Securities LLC (212 834-2046 or 800 245-8812) and Bank of America Merrill Lynch (980 388-9217 or 888 292-0070) were the dealer managers. Computershare Trust Co., NA is the depositary, and Georgeson Inc. (866 203-9357) was the information agent.

ResCare is a Louisville, Ky.-based provider of home care to the elderly and persons with disabilities.

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